- Gibraltar Industries Inc ROCK reported third-quarter FY21 net sales growth of 24.5% year-over-year to $369.4 million, missing the consensus of $376.92 million. Organic growth contributed 3.9%, and recent acquisitions 20.6% for the sales growth.
- Renewable Energy & Conservation segment sales $130.2 million (+85.5% Y/Y); adjusted operating margin declined by 150 bps to 11.4%.
- Residential Products segment sales $171.5 million (+13.1% Y/Y); adjusted operating margin declined by 430 bps to 17.2%.
- Agtech segment sales $49 million (-15.5% Y/Y), and adjusted operating margin declined by 500 bps to 5.1%.
- Infrastructure Products sales $18.7 million (+11.3% Y/Y); adjusted operating margin declined by 480 bps to 8.8%.
- Adjusted EPS decreased by 7.1% Y/Y to $0.91, missing consensus of $1.16.
- The gross margin contracted by 391 bps to 22.5%.
- Gibraltar Industries' cash used in operating activities year-to-date totaled $16.53 million, compared to cash provided $56.19 million a year ago.
- The company's order backlog increased by 10% Y/Y to $385 million, driven by the Renewables segment.
- FY21 Outlook: Gibraltar expects consolidated revenue of $1.31 billion-$1.35 billion (prior $1.3 billion - $1.35 billion) versus a consensus of $1.35 billion.
- Citing amplified inflation and supply chain challenges, the company lowered its GAAP EPS from continuing operations outlook to $2.45-$2.56 (prior expectation $2.78-$2.95); adjusted EPS to $2.95-$3.06 (previous $3.30-$3.47) vs. consensus of $3.35.
- Q4 Outlook: The company expects GAAP EPS from continuing operations of $0.48 - $0.60 and adjusted EPS of $0.71 - $0.82 vs. consensus $0.86.
- Price Action: ROCK shares closed lower by 10.61% at $64.13 on Wednesday.
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